Small Business Investment Company (SBIC) Leverage Pricing Determined

WASHINGTON, D.C. (June 15, 2026) – The Small Business Investor Alliance (SBIA), the leading association for lower middle market private equity funds and investors, today announced that $303,630,000 of Small Business Investment Companies (SBIC) debentures were priced at an interest rate of 4.748%, with a spread to Ten-Year Treasuries of 28 basis points (bps).

This rate of 4.748% is the new base rate applied to the SBIC leverage drawn between the last pooling in March 2026 and June 2026. This base rate does not include any of the other fees charged by the Small Business Administration (SBA), such as the annual charge, reserving, or drawing fees. SBIC debentures are non-amortizing, fixed rate notes with no prepayment penalty. The SBIC leverage operates with a zero-subsidy rate, as all costs are offset by fees. The previous pool of debentures priced in March 2026 at 4.626% and had 40 bps spread to Ten-Year Treasuries.

This is the first debenture pooling since the U.S. Small Business Administration announced the move to quarterly poolings, a meaningful and long-awaited change to its SBIC Debenture pooling process. As of April 22, standard Debenture poolings shifted from a semi-annual to a quarterly schedule, occurring each year in March, June, September, and December. This change, authorized under Section 320 of the Small Business Investment Act of 1958, reflects the substantial growth of the SBIC program over the past decade — the result of expanded leverage limits, increased fund sizes, and the program’s continued success.

List of historical rates >